Strong demand combined with production cuts have pushed up the price of corn on the Chicago Mercantile Exchange to its highest level of the month.

Strong market demand and lower-than-expected production prospects continue to support the sharp rise in corn futures prices on the Chicago Mercantile Exchange to the highest levels in the month. According to data from the U.S. Department of Agriculture, demand for U.S. corn exports remains strong, with net sales increasing by 2.8 million metric tons in the week ending on August 14th. At the same time, the professional organization Pro Farmer predicts that the average corn yield in the U.S. will be 182.7 bushels per acre following their annual crop tour. Although this is a record high, it is still lower than the USDA's previous estimate of 188.8 bushels per acre. Drought conditions and crop diseases remain potential risk factors, providing some support for prices.